You don’t think about scheduled personal property coverage until you’re standing in a hotel room turning everything upside down for the third time. The dresser tray. The suitcase. Your jacket pockets. Nothing.
The diamond earring — or the Rolex that was there last night — is gone
Then it hits you: it’s insured. It’s scheduled on your policy.
What many policyholders don’t realize is that scheduled coverage is tied to a stated value, which may not reflect what it would cost to replace the item today.
How Personal Property Coverage Works
Scheduled personal property is an endorsement to a homeowners or renter’s policy that insures specific high-value items such as jewelry, watches, collectibles, fine art, furs, musical instruments, stamps, and coins.
Each item is listed individually at a set insured value. In return, you typically receive broader coverage terms than standard personal property and a reduced or waived deductible at the time of loss.
How Scheduled Items are Valued
Scheduled values are typically based on an appraisal completed when the item is added to the policy.
But markets change. Gold prices move. Diamond values shift. Watches and collectibles can appreciate in value over time.
If that scheduled value hasn’t been updated, you may find that what it costs to replace the item today is higher than what your policy allows for, depending on how the claim is settled.
What You Can Do
Check when each scheduled item was last appraised, ask yourself whether its value may have changed, and, if it has, contact your insurance agent to update the scheduled amount.
We recommend reviewing scheduled items periodically, especially after updated appraisals or when market values increase.
If you’d like, a quick coverage review can help confirm whether your scheduled items still reflect today’s values. Reach out today to get started.
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